0001|                            SENATE BILL 77
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              JOHN PINTO
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0005|     
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0006|                                   
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0007|     
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0008|     
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS TO COMPLETE IMPROVEMENTS OF A SENIOR CENTER
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0013|     IN GALLUP IN MCKINLEY COUNTY; MAKING AN APPROPRIATION;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding forty-five
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0021|     thousand dollars ($45,000) when the state agency on aging
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0022|     certifies the need for the issuance of the bonds.  The state
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0023|     board of finance shall schedule the issuance and sale of the
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0024|     bonds in the most expeditious and economical manner possible
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0025|     upon a finding by the board that the project has been developed
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0001|     sufficiently to justify the issuance and that the project can
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0002|     proceed to contract within a reasonable time.  The state board
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0003|     of finance shall further take the appropriate steps necessary
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0004|     to comply with the Internal Revenue Code of 1986, as amended. 
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0005|     The proceeds from the sale of the bonds are appropriated to the
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0006|     state agency on aging for the purpose of completing
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0007|     improvements to the northside senior citizen center in Gallup
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0008|     located in McKinley county.  Any unexpended or unencumbered
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0009|     balance remaining at the end of fiscal year 2000 shall revert
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0010|     to the severance tax bonding fund.  If the state agency on
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0011|     aging has not certified the need for the issuance of the bonds
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0012|     by the end of fiscal year 1999, the authorization provided in
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0013|     this section shall be void.
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0014|          Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                - 2 -  
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0017|   
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0018|                      FORTY-THIRD LEGISLATURE
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0019|                        FIRST SESSION, 1997
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0020|   
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0021|   
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0022|                                                January 30, 1997
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0023|   
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0024|   Mr. President:
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0025|   
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0001|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0002|   has been referred
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0003|   
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0004|                           SENATE BILL 77
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0005|   
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0006|   has had it under consideration and reports same with
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0007|   recommendation that it DO PASS, and thence referred to the
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0008|   FINANCE COMMITTEE.
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0009|   
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0010|                                Respectfully submitted,
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0011|   
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0012|   
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0013|   
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0014|                                
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0015|   __________________________________
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0016|                                John Pinto, Chairman 
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0017|   
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0018|   
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0019|   
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0020|   Adopted_______________________   Not
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0021|   Adopted_______________________
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0022|             (Chief Clerk)                          (Chief Clerk)
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0023|   
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0024|   
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0025|                     Date ________________________
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0001|   
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0002|   
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0003|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0004|           Yes:    6
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0005|           No:     0
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0006|                Excused:     Carraro, Kysar, Davis
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0007|           Absent: None
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0008|   
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0009|   
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0010|   S0077IC1
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0011|   
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